Mobile payment helps develop non-cash economy

The Vietnam Electronic Payment Forum 2017 (VEPF) themed "Mobile Payment - a factor to promote the non-cash economy" officially opened this morning in Hà Nội.

Deputy Prime Minister Vương Đình Huệ delivers a speech at the Vietnam Electronic Payment Forum 2017. — Photo Courtesy of State Bank of Vietnam

VEPF 2017 focuses on the development of non-cash payments in Việt Nam through three main sessions: the explosion of mobile payment in the world and the trend in Việt Nam, development of the ecosystem for mobile payment in Việt Nam and a dialogue on electronic payment in e-commerce with Alibaba Group President, Jack Ma.

Speaking at the meeting, Deputy Prime Minister, Vương Đình Huệ, said implementing digital technology solutions has helped many countries in the world achieve a breakthrough in promoting financial inclusion. “Digital technology helps remove spatial, time and geographic barriers, allowing credit institutions to offer products and services at a lower cost, and facilitating consumers’ access,” he said.

Huệ said the application of information technology and telecommunications with many new products has shown the potential and trend in developing modern banking services. He stressed on the need for all ministries, sectors and agencies concerned to solve difficulties in electronic payments and mobile payments aimed at popularising non-cash payments in Việt Nam.

In addition, stakeholders also need to join hands in communication activities to make e-payment familiar and easy-to-use.

Deputy Governor of State Bank of Việt Nam (SBV), Nguyễn Kim Anh, said that SBV has been encouraging banks to apply advanced technologies in banking operations in general and payment activities in particular.

This will expand consumers’ abilities to access modern banking products and services, which will help improve the banks’ business efficiency and governance capacity of credit institutions.

According to the Anh, the SBV recently issued a plan to develop bank card payments through card acceptance equipment in the period 2017-20.

Under the plan, by 2020, there will be at least 300,000 POS installed with over 200 million transactions per year, 100 per cent of supermarkets, shopping centres and modern distribution facilities will also have POS, 100 per cent of State treasuries in provinces and centrally-run cities will also have POS to serve the State budget collection

Through the VEPF 2017 this year, stakeholders have the opportunity to discuss, share and learn about mobile payment development in the world and to provide options of models of mobile payment ecology development, in accordance with the reality of Việt Nam to promote the development of non-cash payment and financial inclusion in the country according to the direction of the Government.

As part of the event, VEPF 2017 welcomed special guests, including Ma. At the forum, Ma had a session, which revolved around the e-commerce development experience, e-payment on mobile devices in China and the globalisation of the world’s largest commercial platform, Alibaba.

VEPF 2017 is being organised by the National Payment Corporation of Việt Nam (NAPAS) and e-newspaper VnExpress under the SBV leadership.

Source VNA